Dogecoin (DOGE) bounces from important support – Will it reach $0.25 in April?

Under the impact of a mild rally, memecoins have enjoyed a strong recovery, with Dogecoin, FLOKI, Pepe and Bonk standing out during this rally. However, DOGE price immediately dropped by more than 4% following Elon Musk's comments about Dogecoin not being used by the government. Despite this, the selling pressure has shown signs of easing, opening up opportunities for DOGE price to break above $0.2 in the near term.

Since large institutions entered the crypto space, the market has been less affected by industry events or on-chain indices. Today, the decisive factor lies in the policies of the U.S. government. This has been evident in traditional markets and gold, as gold peaked amid uncertainty. In particular, Dogecoin whales accumulated more than 220 million DOGE throughout March, while the price remained around $0.17, with only one rally surpassing the $0.2 mark before being pulled down immediately.

! doge-tangWeekly DOGE/USDT Chart | Source: TradingViewJudging by the historical chart, DOGE price touched the support line of the ascending parallel channel. Currently, the price is receiving support from the 200-week MA, while the 50-week MA acts as the nearest resistance. Selling pressure has shown signs of abating over the past few weeks, and the MACD is trending upward, signaling the possibility that the price will soon launch a rally and maintain a sustained uptrend.

Could the price of Dogecoin hit $0.25 by April 2025?

Every time the price of Dogecoin hovers between two MAs, there is frequent horizontal consolidation until these levels crossover, which give bullish or bearish signals. Price action in the short term is now showing the same trend. DOGE's daily chart shows that the price has been consolidating along the uptrend line for months, giving optimistic signals for the upcoming price trend.

! doge-tangDaily DOGE/USDT Chart | Source: TradingViewThe price has remained stable above the uptrend line, established since the breakout in October. Although the MACD reflects weakening buying pressure, the recent bullish crossover signals a positive reversal. At the same time, the RSI continues to go up and hold firmly above the uptrend line, consolidating the current recovery momentum. With these signals, Dogecoin is likely to continue consolidating along the trendline and towards the key resistance zone around $0.2.

This area has played an important role as both support and resistance, therefore, a successful breakout could increase investor confidence. Moreover, the slight increase in trading volume recently indicates that the bulls are closely monitoring price movements and may be ready to act, pushing the price of Dogecoin (DOGE) to higher levels, with the next target being the $0.25 range.

Disclaimer:** The article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.*

*SEC PoW Statement: A Potential Catalyst for BTC, DOGE and LTC Price Growth by 2025

• Elon Musk stated that the US government has no plans to use Dogecoin.

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